Swiggy has started steps to become an Indian Owned and Controlled Company by seeking shareholder approval to amend its articles and board nomination rules. The move is designed to satisfy FEMA IOCC conditions and strengthen domestic control. It also appears linked to Instamart’s shift from a marketplace approach to an inventory-led model that could boost margins and supply-chain control.
Swiggy’s stock fell about 7% even after reporting a 45% jump in Q4 FY26 revenue to Rs 6,383 crore and a narrowed net loss. The pressure, analysts say, comes mainly from weakness in quick commerce via Instamart, where growth is slowing—despite solid performance in the core food delivery business.
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Swiggy says food delivery defied LPG crisis fears, with adjusted revenue up 23% year-on-year to ₹2,304 crore and sequential loss shrinking 24.9%. Profitability improved as margins edged higher and incentives were used more selectively. But quick commerce cooled: Instamart’s average order value fell to ₹700, with quarterly gross order value dropping—while Swiggy avoids chasing growth via aggressive pricing.
Swiggy Instamart’s gross order value fell 0.7% sequentially to Rs 7,881 crore in the March quarter, even as it rose 68% year-on-year. The slowdown reflects a wider quick commerce shift: operators are prioritizing unit economics and profitability over chasing higher volumes at any cost.
After breakneck expansion, quick commerce players Blinkit and Instamart are expected to show moderated growth in the January–March quarter. Analysts say the shift comes as firms move from pure expansion toward margin improvement and profitability, tempering growth metrics while strengthening financial discipline. The reset signals a new phase for the category’s competitive playbook.
JioHotstar has rolled out signal led commerce advertising, aiming to reach high intent audiences by using purchase signals rather than only viewing behaviour. Quick commerce platform Instamart is the first partner, connecting content discovery to rapid buying during the IPL season, and betting that intent driven targeting will convert faster.
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